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Accommodations are a huge part of the grand scheme of travel. For some, they are perfectly okay with shelling out money to pay for a hotel whilst others are in search of something within a lower price range. Some choose Airbnb solely for the fact that it gives them a private, at-home feel. Regardless of why people choose Airbnb for their accommodation needs, the bottom line is, they are choosing it. Ergo, considering short-term rental of your property, especially in a desired city such as Toronto, could turn significant profits. So, how exactly CAN you garner these profits? Working with knowledgeable property management who understand Airbnb can help undoubtedly.
First and foremost, why do so many people choose Airbnb?
People flock towards Airbnb over traditional hotels/motels for a plethora of reasons. Many are enthralled by the “at home” feel Airbnb gives them, which is especially important to those who are wary about traveling to new places. Another aspect of most Airbnb’s that make them feel like home is the fact that they come with a surplus of amenities most hotels/motels fall short on including full kitchens, backyards (if applicable), and more privacy. Airbnb also tends to fall on the lower end of the price scale, making them more affordable for the majority, especially when it comes to those staying for more than just a few days.
It comes as no surprise that Airbnb has amassed significant growth and popularity. Turning your rental property from long-term to short-term can be quite beneficial. Prior to doing so, here are a few things you should do to make sure your rental property is Airbnb ready!
Maintenance is vital
Like any property, rental or not, ensuring everything adheres to the necessary standards is important. Airbnb rentals must be compliant with these guidelines in order to qualify. What are these guidelines, exactly? Your property must be structurally sound, for one. From flooring to plumbing to electrical components, all of these must adhere to the standards Airbnb has set out. All are required to be in full working order. Your property must also be compliant for the local fire code and must provide methods for extinguishing or escaping should a fire arise.
Property managers can help you find the people you need, from plumbers to inspectors, to help ensure your property is fully compliant. Beyond that, they will connect you with a network of said individuals who are readily available should anything arise after the unit is on the Airbnb market.
Cleanliness – the key to a great Airbnb
It goes without saying that people enjoy cleanliness. No one wants to stay in a messy, disorganized place they will be forced to clean themselves. Prior to applying to become an Airbnb rental, it’s important to ensure your property is tidy, clean, and hazard-free. Beyond simply organizing your space, it’s imperative to ensure your property is also free from any pesky critters. Damp conditions, standing water, and food laying out are some factors that could draw the attention of unwanted guests. If you see or suspect any, fumigation can help rid the property of them.
How else can you ensure cleanliness? Remove any clutter, ensure walkways/hallways are clear, get rid of any hazardous objects, ensure no food is laying around, clear any debris, vacuum, and make sure all linens are washed. These small actions make a huge difference between a successful Airbnb and a not-so-successful Airbnb.
Decorations set to impress
Albeit, structure, and safety protocols are the most important elements to look at when turning your property into an Airbnb, the decor can play a huge role in peoples decision to stay at your rental. When coming across your listing, your decor plays a substantial role in how people will further engage. Decor that is over the top may turn people off, while lack thereof may bore them.
What decor wins? Simple, inviting, and neutral. There is no need to go over the top when it comes to decorating, in fact, sometimes less is more. Keeping tones, linens, and decor neutral and simplistic will allow a plethora of audiences to feel at ease when staying at your property.
When it comes to decorating, there is also no need to blow your entire budget. A simple shift in current furniture, a few paintings, or a change in linens can often times be enough to change the entire vibe of a place. It’s key to remember that decor is what brings visitors in off the bat. When viewing images of the property, it’s what a majority flock to, ergo, it plays a vital part from start to finish.
Listing, rates, and contacts
Beyond the property itself, there are a few key features that will bring in visitors and ensure their time at your property exceeds their expectations.
Listing – this is the first thing people see, so it’s important to ensure it contains all the information about your property as well as inviting images. Listings should be detailed, outlining what the unit comes with, who the unit can accommodate (i.e., number of guests, children, pets), and any guidelines/rules (i.e., smoking or non-smoking, use or restriction of certain places, etc). The listing should also contain clear images that accurately portray what your unit looks like – the more images, the better!
Rates – rates should be appropriate and relevant when it comes to your property. Overvaluing or undervaluing your property can be detrimental and put a bad taste in the mouth of prospects. If you are unsure how to price your unit, property managers can help you determine the most appropriate rate.
Contacts – things happen beyond our control sometimes, however, having access to people who can resolve these matters makes a substantial difference. Providing your guests with a variety of contacts such as plumbers, electricians, security, staff, and your own contact information can put them at ease should any issues arise during their stay.
Owning and maintaining a short-term rental property, such as an Airbnb, is a very rewarding experience and can be a great stream of revenue. Working with a knowledgable property management team can help ensure your property is optimized for short-term rental and the stay of guests exceeds expectations.
Considering converting your property into an Airbnb but unsure where to start? Contact us today and we can help turn your property into a renter’s dream!